After months of acrimony, the largest bank deal ever moved toward a resolution Tuesday evening as directors of First Interstate Bancorp and Wells Fargo & Co. met separately to approve their merger.

According to sources familiar with the situation, First Interstate directors were expected to vote first to terminate the institution's friendly merger agreement with First Bank System Inc. of Minneapolis. The First Bank bid collapsed this week after an unfavorable decision from the Securities and Exchange Commission.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.